Phase Three IP

Income Statement
For the Month Ended June 31 2006


Revenue

Customer Collection 1,000

Total 1,000

Exspenses
Wages 475
Supplies 100

Total 575 Net Income 425





Doug's Lawn Service
Income Statement
For the Month Ended August 31 2006


Revenue

Customer Collection 1,250

Total 1,250


Expenses

Supplies 100
Wages 475


Total 575 Net Income 675





Doug's Lawn Service
Statement of Owner's Equity
For the Month Ended August 31 2006


Assets
Supplies 450
Cash 5,400
Accounts Recievable 500
Equipment 300

Total 6,650

Liabilities

Accounts Payable 3,500

Total 3,500


Owner's Equity

Capital 1,000
Withdraw -460

Total 560

Net Income 1,150

Total 3,650



Was Doug's summer work successful? No

What was his net income? -3,000